Archives: Brokers

Is GoldenSkyCapital Scam or Legit Broker?

No, it is not safe to trade with GoldenSkyCapital, as it is an offshore company. The Website is owned by Golden Point LTD, a company incorporated under the laws of Marshall Islands, Registration Number: 99835, with its registered office at Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960.

• The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the low setup cost it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as CobraCFD, Swissinv24, and more. As we already know, offshore registration usually doesn’t guarantee the safety of funds and clients’ protection, especially in the Marshall Islands, where the local authority doesn’t regulate forex businesses. 

What is GoldenSkyCapital?

GoldenSkyCapital is an international trading platform that provides innovative and safe trading in FOREX, Commodities CFDs, and Crypto Currencies. According to its website, GoldenSkyCapital provides a friendly, transparent, and safe environment for its traders, GoldenSkyCapital is pushing the envelope in building a custom-made trading program for each trader. The broker offers over 250 asset classes from across the globe with instant, high-speed access to Forex, Commodities, Indices, Stocks, and Crypto Currencies through the unique trading platform preferred access for traders around the world.

• The only contact information provided on the website is the phone number with the Swiss code. GoldenSkyCapital is not regulated in Switzerland to provide financial services. Moreover, the Swiss regulator has recently issued a warning against the broker:

GoldenSkyCapital Review Conclusion

We strongly advise all investors and traders to avoid GoldenSkyCapital and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and eToro.

GoldenSkyCapital Update

Based on our findings, the GoldenSkyCapital website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is OneLife safe or scam?

What is OneLife?

• Moreover, Belize's financial regulator IFSC (International Financial Services Commission) has issued a warning regarding the company One Life Network Limited, stating:

"It has come to the notice of the IFSC that an entity calling itself ‘One Life Network Limited’, an International Business Company registered in Belize, is conducting trading without first obtaining the required license from the IFSC. This entity is not licensed/regulated by the International Financial Services Commission or any other competent authority in Belize to conduct any type of trading business."

• In addition, New Zealand's Financial Markets Authority has recently blacklisted OneLife along with its affiliate company OneCoin:

"We recommend extreme caution before investing with OneLife or OneCoin as we are concerned they bear the characteristics of a scam, including withholding client funds and promising unrealistic returns. We have received information indicating that OneLife and OneCoin are holding promotional events and seminars in New Zealand offering investment services in breach of New Zealand law."

OneLife Review Conclusion

OneLife Update 

Is FinmarkFX Scam or Legit Broker?

No it is not safe to trade with FinmarkFX, as the company is suspected of being a scam. FinmarkFX is owned and operated by Finmark Ltd located in Kingstown, Saint Vincent, and the Grenadines. Saint Vincent and the Grenadines is known for being an offshore zone. 

• St Vincent is an attractive solution among financial companies and those businesses that for one reason or another choose to operate through an offshore company. The jurisdiction itself offers easy-to-achieve setup demands through a very quick, simplified process, while the firm does not necessarily need an office in SVG. There are no strict establishment rules or requirements, giving an opportunity to run a global business. Furthermore, there is no sharp regulation or overseeing of the company operation implemented. Read more about why avoid brokers from St Vincent & The Grenadines. 

What is FinmarkFX?

FinmarkFX is a Forex, CFDs, and cryptocurrency broker. The company is owned and operated by Finmark Ltd (Kingstown, Saint Vincent, and the Grenadines). The services are provided by Financial Markets FX OU, based in Tallinn, Estonia.

• According to the broker's website, it is a regulated entity, however, we didn't find any information about its regulation. If they meant FinmarkFX is regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines, then we have to remind that FSA has announced that it does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies, which engage in such activities. Moreover, the broker has been banned by the CNMV in Spain in October 2016:
  "Financial Markets Limited https://finmarkfx.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, or provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of said Law, which includes investment advice, in relation to the financial instruments detailed in article 2 of the said Law, including, to those purposes, transactions on foreign currency."

FinmarkFX Review Conclusion

We recommend avoiding doubtful offerings like FinmarkFX and signing with only tightly regulated brokers that follow strict guidelines from authorities such as  UK’s FCA or Australian ASIC. Traders should trade with well-regulated brokers such as such as BlackBull Markets and XM.

FinmarkFX Updates

Based on our research, the FinmarkFX website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals. 

Is InvestingPRO Scam or Legit Broker?

InvestingPRO has been suspected as a scam broker. This broker is blacklisted by a well-known regulatory authority and should be avoided. InvestingPRO is owned by Milton Group LTD which is an offshore company registered in the Marshall Islands.

• The Marshall Islands is notorious for its practically absent requirements and regulations. The setup cost is low and it does not regulate forex trading (See the Best forex brokers list). Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex, Tradersway, and more.

What is InvestingPRO?

InvestingPRO is a broker that provides Forex and CFD (Read about Forex and CFD broker HYCM) solutions to institutional and private investors. The website is owned and operated by a group of companies. The group includes Milton Group LTD, registered in the Marshall Islands, and Kyoto Limited LTD., registered in Sofia, Bulgaria. Although the company claims to be registered in Bulgaria, it is not regulated by Bulgaria's Financial Supervision Commission.

• The broker provides a copy of the license with the Financial Commission which is also an offshore entity and is considered to be a fraud and has a lot of negative reviews.
• One more thing to pay attention to is the contact phone numbers with Italy's and Poland's country codes which only shows that the broker has been targeting EU countries without any authorization. Moreover, Spain's National Securities Market Commission (CNMV) has issued a warning against InvestingPRO: 

" www.investingpro.com is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide the auxiliary services..."

InvestingPRO Review Conclusion

It is recommended to trade with brokers regulated by UK’s FCA or Australia’s ASIC instead (Find the list of ASIC-regulated forex brokers by link). Check the list of FCA-regulated brokers. We strongly advise signing in with reliable brokers such as FP Markets and BlackBull Markets.

InvestingPRO Updates

InvestingPRO website remains inactive and unavailable to reach. This means the broker has muted its trading offering and does not propose account openings.

Is TradeFTM Scam or Legit Broker?

TradeFTM is not a safe broker. According to our research, TradeFTM has been suspected of fraudulent actions. The company does not hold any financial licenses but claims the opposite. Therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.

What is TradeFTM?

TradeFTM is a trading name of FX TRADING LTD, authorized and registered by the HOC (Companies House UK) in the conduct of its investment business. TradeFTM is entered on the HOC register and it's registered. TradeFTM is a Public Limited Company registered in England, company number DJ812687.

The registered office is 180, Whitton Rd, Hounslow TW3 2ES, UK. With all this information provided on the website of the firm, it is still not registered by the Financial Conduct Authority (FCA), which means they are not allowed to offer services in the UK.

• We always advise avoiding unregulated brokers, as in this case your investments might be at risk. On the other hand, there is almost no risk in trading with regulated brokers, especially those supervised by the FCA or the Australian Securities and Investment Commission (ASIC). Such regulators guarantee the segregation of the funds and even the compensation (for example, up to GBP 50,000 with the FCA).

Overall TradeFTM Forex Ranking 

Based on the safety and regulation issues we revealed as a result of TradeFTM research, we do not rank positively TradeFTM, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• TradeFTM Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

TradeFTM Alternative Brokers

Based on our research of TradeFTM we found multiple issues in respect of the broker's regulations, thus here are much better Alternatives to TradeFTM with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• eToro – Best for Copy Traders
• Interactive Brokers – Good for Stock Trading
• Trading 212 – Good for Beginners

Deposits and Withdrawals

It is quick and easy to deposit funds into the TradeFTM trading account. There is a wide range of payment methods including Credit Cards, Debit Cards,  Bank Wire transfers e-wallets including PayPal, Skrill, Neteller, Perfect Money, etc.

• Funds are only withdrawn to clients’ personal accounts in order to ensure financial security 
• The company does not accept direct payments or payments to third parties
• Deposits and withdrawals may be made 24 hours a day, 7 days a week. If a deposit or withdrawal is not carried out instantly, it is usually completed within 24 hours.

TradeFTM Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

• Overall ranking and experience for TradeFTM is Negative

Is GxFX Scam or Legit Broker?

GxFX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is GxFX?

GxFX is an online trading company that claims its gained fame for professionalism and honest work. The broker provides a wide range of trading instruments, including Forex instruments, Cryptocurrency CFDs, and other assets for over 300+ instruments. The broker mentions its low initial deposits, unparalleled proficiency, and all-around customer service through an attractive trading cost and enjoyable trading platform suitable for traders of different sizes.  

• In terms of the company location and registration, the broker mentions its owning company SoftGeeks OU with an address in Estonia, while there is no information about the regulatory status. In other words, it means the broker's operation is not overseen or checked by anyone, while the only confirmation of service delivery is a company promise. Of course, in financial investment and trading itself, it is the highest risk to trust in the power of word only, as the safety measures require strict follow of the operation in order to ensure trustful service delivery.  
• As the Forex industry is unfortunately full of scammers and unscrupulous companies (Check the forex scammer complete list), traders should protect themselves and choose only among regulated companies with an applied international set of tools. This includes segregation of funds, regular reporting, and audit, along with the participation into compensation in case of insolvency, and that is all above a simple step that regulators check on the firm adequacy.

GxFX Review Conclusion

Therefore, it is better to avoid GxFX offering, so as not to risk the funds and choose from the list of regulated companies. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and XM.

GxFX Update

Recently GxFX website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals.